Major Hong Kong banks followed with HSBC cutting its Hong Kong dollar best lending rate by 25 basis points and Bank of China (Hong Kong) also cutting its Hong Kong dollar prime rate by the same magnitude.
HONG KONG ― The Hong Kong Monetary Authority on Friday cut by 25 basis points its base rate charged via the overnight discount window, to 5.0 percent, tracking a move by the US Fed eral Reserve .Major Hong Kong banks followed with HSBC cutting its Hong Kong dollar best lending rate by 25 basis points and Bank of China also cutting its Hong Kong dollar prime rate by the same magnitude.
'The pace of future rate cuts remains uncertain as it is subject to US economic data, which will be influenced by fiscal, economic and trade policies,' the HKMA said in a statement.The Fed cut rates by a quarter of a percentage point on Thursday as it began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office next year.
Central Bank Cuts Interest Rate After Fed Move Banks Follow
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